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Caroline

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If you're a high school senior, the cost of college probably isn't your top concern right now. Usually during that first semester of senior year, you're more worried about getting into the school you want  — not how you'll pay for it.

For a lot of students, saving money for college doesn't feel like an urgent matter until the summer before you leave — when all the "busy-ness" of senior year and excitement of graduation are past. By that time, you know where you're headed for school and how much financial aid  you're getting and it all finally feels real.

Unfortunately, June is a little late in the game to start a real savings plan for fall. You'll be better off if you start concentrating on saving right now.

So how can you get motivated? Try to make it real for yourself. Forget about the vague, fuzzy "saving for college" idea — start thinking more specifically about what things you'll need to pay for next year. No matter where you go to college, you're going to have some of the same expenses , so list them out and use them as goals to save for. Here are some ideas:

• Laundry money — laundry will probably cost around $5 a week. Plan on 40 weeks worth of laundry, and make a goal to save $200 to stay in clean clothes for the entire year.
• Eating out money — even if you stick to your pre-paid meal plan, that generally doesn't include supper on Sunday nights. Figure you'll spend $10 eating out on Sunday nights each week — and aim to save $400 to cover Sunday meals for the year.
• Books — these will probably run anywhere from $200-$600 per semester. Set a goal of saving $500 for your first semester's books.

These are just a few of the basics you'll need a stash of cash to cover during your first year of school. Try saving for just one of these items to make it a really achievable goal. It feels good to know exactly what you're saving for — and what it takes to get there.

Are you saving money for college? Tell us how it's going!

Staci

True story time.

Last week I got an email from a friend and former Wells Fargo colleague, who'd had an interesting experience at her local drugstore:

I had my Wells Fargo jacket on in Walgreens  today and this kid asked me, out of the blue, "How do I get credit, if I don't have any?" I was kind of taken aback for a moment — do I look like a lady who knows about credit? And then he said, "Well, don't you work at Wells Fargo?"

So we started this strange conversation about how he was going to school and needed to get a loan, and couldn't build up his credit because he didn't have any, and because he didn't have any history they wouldn't give him any credit. I didn't know what to say. I kind of wanted to run out of the store. But I told him I would check into it for him.

Gotta give this kid props for walking up to a total stranger and asking for credit advice!

And at the same time, I'm thinking, this poor kid — he clearly hasn't received any credit education at home or at school, so he has to ask a total stranger!

What makes this story particularly timely is that today is Get Smart About Credit Day.  Every October, the American Bankers Association hosts this initiative to educate consumers and students about credit. Given the current economic environment — where credit is harder to come by — these efforts are more important than ever.

Fortunately, if you want to get smart about credit, you don't have to go to the drugstore. Stay put and check out some of these resources Wells Fargo offers:

• Smarter Credit Center
• Credit Education
• Student Credit Education
• Hands on Banking financial education program 

And don't forget: By law, you're entitled to one free credit report every year. 

So, what credit questions can we answer for you?

Caroline

We all make mistakes. But money mistakes come with a price.

Recently Wells Fargo made a change to its overdraft charge policy that makes those mistakes a little easier to swallow!

In the near future (the final date’s still TBD), your account will not be assessed overdraft fees if you become overdrawn by $5 or less. Also, no more than four overdraft charges will be charged per day.

Also, in the coming months, customers who want to opt out of overdraft coverage will have that option — you’ll be able to specify that you don't want your transactions authorized or paid into overdraft if you don't have funds to cover the transaction.

That's all good news, but more importantly, how can you avoid overdrawing your bank account in the first place? Just a few simple ideas:

• Bank online. Get yourself set up for online banking, so you can view your account any time. You can see pending transactions and easily transfer balances from one account to another, which can help you avoid overdrafts.
• Sign up for overdraft protection. At Wells Fargo, enrollment in overdraft protection is free, and can dramatically reduce the fees you're charged for overdrawing your account.
• Sign up for mobile banking. Right now Wells Fargo is offering this service for free. It allows you to keep track of your account, like check balances, review recent activity, and transfer funds — all from your mobile phone.
• Go low-tech. Although many online tools are helpful, you don't have to be high-tech to keep good track of your bank account. Use a good old-fashioned check register to record all your account activity: check card purchases, deposits, ATM withdrawals, etc. You can also use this as a backup, even if you're banking online.

So tell us: How do you keep track of your bank account?

UPDATE: Oops, we jumped the gun on our original post! We recently learned these changes to our overdraft policies are a work in progress, which means they’re not yet available. We’ve updated our post to reflect that! We apologize for any confusion this may have caused and will let you know when those services are up and running.

Barbara

After a three-year relationship with my gym, it's time for a switch. My new gym is in a closer location, has great classes and is significantly lower in cost. It's in my basement, consists of my favorite exercise DVDs and only costs the electricity to run a television and overhead lights during an hour workout.

The gym is an expense I have previously justified several ways — because of my health, because it was a location just for working out, and because I liked pampering myself in the steam room post-workout.

But as I look to tighten my belt a little to increase savings, I can't justify the expense any longer.

Perhaps this has been one of my splurge items over the past few years. But a girl can only have so many splurge items before she's living above her means, right? Paying a premium for membership at one of the top gyms in town means paying for all the added services — even ones I wasn't using, like fitness classes. Since I wasn't getting my money's worth at the gym, it was splurge I could cut.

However, I'm having a hard time letting go. I keep trying to tell myself that, given the right motivation, I'll still maintain a fitness routine. Here's why (I hope) life sans gym is going to be just as good for my fitness and much better for my pocketbook:

• My house is mere blocks from a local park and bike trail, so when the basement gym gets boring I can mix it up.
• I love rearranging my furniture. Lift with the knees and you have both a workout and a decorating opportunity!
• The outdoors rock — I can do tons of exercises while enjoying the fresh air. Just think of the sweat I'll work up shoveling my driveway this winter.
• With YouTube at my disposal, they'll be ways to vary my workout routines without spending money on new videos and equipment.

Have any of you ended a relationship with a costly routine? Did you have a tough time cutting yourself off? Any ideas for coping are greatly appreciated!

Barbara

Staci is always saying she needs 15% more or less of something. Like when she can't find the movie she wants through the Redbox, she needs 15% more of that movie in the Redbox. Or when Pie Elizabeth is being particularly barky, she needs 15% less barking.

Once I asked her why she uses 15, to which she responded "Fifteen is my favorite percent."

Right now, nine is my favorite percent. It's the percent of my goal I have saved on two savings accounts. I guess technically my favorite percent in this respect would be 100, but for now, I'm happy to see nines.

If you're saving through Wells Fargo, you can set up My Savings Plan^SM to monitor your progress, too. I've established a couple savings accounts with specific savings goals — one for new windows on my house and the other for my ongoing saga of saving for a new car.

I teeter-totter back and forth as to whether seeing my savings percentage — or accounts for that matter — helps or hurts me. Seeing my progress from time to time can help me stay motivated to maintain my current contributions and kick in an extra couple bucks when I am able.

However, seeing that the money is out there just waiting for me can test my patience. Sometimes I start thinking about what debts I could be paying off with the money or how easy it'd be to transfer a couple dollars out of the account for something smaller I need/want (mostly want).

Here's the compromise I made that seems to be working so far. Some of my accounts are visible through online banking and some are not. My emergency fund, which I want to keep growing and never take from unless it's truly an emergency, is one of the accounts that's invisible. The account is funded through direct deposit of my paycheck, so everything is automatic and I don't see the money.

Other accounts, like the window and car goals, are visible. For these accounts, I've found that knowing the specific amount of the specific goal is helpful to keep those savings goals trucking. In addition to automatic transfers, I tend to add more money when I can. Right now I'm thinking about depositing a few more dollars to get the window goal up to 10%. Double digits!

Does having a reminder of how far along you are help your savings goals? Tell us about what savings tricks you have.

Caroline

When it comes to your non-school expenses, who is paying them — you or your parents?

As you head off to college this fall, it might be a good idea to talk it over with your parents and make sure you're on the same page about which bills you'll pay and which bills they'll pay.

If you're just starting to take on some responsibility for your finances, it will be an eye-opener to learn just what it costs to keep you afloat. You may not have any idea about all the costs included in owning a car or renting an apartment. Your parents will definitely appreciate your asking about it!

Here are some of the biggies to think about:

• Cell phone : Are you still on your parents' plan or will you be getting your own plan? If you're on a "family plan" with your parents and siblings, take some time to look over the bill and maybe talk with a representative to make sure you've got the most cost-effective features. And think about the future: Will you be using more minutes/texting once you're away at school? Don't wait for a big bill to get things organized.
• Rent/utilities: Rent might be something you can pay on your own. But if your parents are shouldering your share, maybe you can afford to take on some of your utilities. Once you split these among your roommates, they usually aren't too bad. Plus it will be good training for the future — you might start thinking of ways to save energy  if you're facing the bill each month.
• Car expenses: Even if your car is paid for, there are still plenty of expenses that go along with it outside of gas — insurance for one. If your parents are paying your car insurance, you can help them out by getting good grades. Insurance companies sometimes give a "good student" discount , so have your parents look into it. Don't forget about oil changes, registration fees and general repairs. Even if you can't afford to help pay for all these things, you should know what they cost — someday all these expenses will be yours.
• Personal items/expenses (food, clothing, haircuts): Again, if you're just starting to pick up some of your own expenses, this might be a good place to start. Most of your personal expenses are things you can control, so it will help you learn to discipline your spending — you'll be more inclined to shop for bargains  or eat within your meal plan when the cost is coming out of your own pocket.

When it comes to your college expenses, what things are you paying for?

Staci

Have you heard? The recession could be drawing to a close! 

I'm cautiously optimistic that our economy is rebounding. So are my brother and sister-in-law, who just purchased a new car through the "Cash for Clunkers" program.  Although I'm not planning on making any major purchases anytime soon, my financial situation has changed for the better. I sold my old house in June, so my months of double mortgage payments are over. (Huge sigh of relief.)

But during those months, even as I was pulling funds out of savings to cover two mortgages and trying to find ways to cut back on entertainment costs, there were a few "splurge items" I couldn't live without:

• Care for my Corgi
  Pets are expensive, and my eight-year-old Pembroke Welsh Corgi , Pie Elizabeth, is no exception. She has allergies and requires special food and treats, plus medication and vet visits to keep her from gnawing on her paws. I've read many news articles about families having to abandon their pets because they can't afford them, which makes me beyond sad (yes, I also cry during those Sarah McLachlan ASPCA commercials ). So even though I'm watching my pennies, I budget for both my own pet's needs and donations to the local animal shelter.


• Coffee
  I became addicted to Peet's Coffee  when I lived in California. After I left nine years ago, I set up recurring orders through their Peetniks  program. Every 34 days, two pounds of whole bean Arabian Mocha Java arrive on my doorstep via UPS. It might be slightly more expensive than buying coffee at the grocery store, but in the long run, it probably saves me money because I'm not splurging on lattes and mochas as often.


• Online music downloads
  iTunes  has raised its prices, but $1.29 + tax for a little piece of music happiness is still a bargain in any economy. I try to restrict my purchases to a song a week or an occasional new release album from one of my favorite artists.  Fortunately, my friends and family are aware of my love of music and often give me iTunes giftcards for birthdays and holidays — making them free to me!

These might be small indulgences, but they sure make my life a little better (and me a little happier) during tough economic times. Anyone else have a splurge story to share?

Barbara

Summer is dwindling, my friends, but I managed to sneak a summer vacation in under the wire. Ohio and Indiana, where I visited friends and family, were my destinations earlier this month..

The little vacation was full of fun new experiences at sprawling museums , quaint caverns , and in my first vacation car rental! Admittedly, I was probably most excited about the car.

Remember how the cost of my insurance dropped when I turned 25? Once I crossed that mark, insurance companies deemed me a less risky driver.

The same age barrier generally applies to car rentals. If you're under 25, you usually incur a surcharge in addition to the daily rental fee. There are even some companies that won't allow renters under 25 years old.

If you're thinking about renting a car and may be dealing with a surcharge, it's important to look for ways to save in other areas of your rental. Let's face it: Even if you're not dealing with a surcharge, everyone is looking for a bargain these days, right?

Here are some money lessons learned from my first official car rental:

• Research, plan and book in advance. With multiple companies offering car rental service, you should always comparison shop. Search online to price your vehicle options. If you are able to book in advance, do so to make your life a bit easier when you get to your destination.
• Decide what's really important. Several days before my flight I altered my car rental reservation. Initially, a GPS  sounded really appealing. But after careful consideration and multiple search and prints from MapQuest, I chose to go without. Saving on that cost made the upgrade to a vehicle with cruise control less painful – could you imagine six hours on the Interstate 70  without cruise control? No, thank you.
• Find any possible discounts. Dig around for online coupon codes and possible discounts before you rent. By checking some discounts available through work, I managed to get a 15% discount on my rental. And you know I love a good discount.
• Skip the coverage if you can. Before renting, double check your insurance policy and find out if you're covered in a rented vehicle. If you are, consider forgoing the coverage offered by the rental company. Be sure you understand how your coverage differs from the coverage offered by the rental company before you opt out of additional coverage.
• Fill it up. Make sure you have time to replenish your rental's gasoline before you return the vehicle. Otherwise, you'll pay a premium price for the rental company to refill the emptied tank. And I say make sure you have time because sometimes you miss the exit to the airport, are forced to take a long detour to get back, and then can't find a gas station anywhere near the airport. It could happen. I'm just sayin'.

Does anyone have a car rental experience or advice to share?

Delenie

School's starting too soon! In just a matter of days, I will be going to class and living at my sorority house  again.

Unlike most of my friends who are apartment hunting, I luckily have things figured out: As one of sixty girls living in the house, I receive my living expenses as a package, much like you do in the dorms.

The deal with sororities  is that you have to pay a semester membership fee, along with rent and utility expenses that do not vary over the course of the semester, which makes life way easier. It might seem like a lot of money to shell out at once. But don't let that be the only reason that holds you back from deciding whether or not to rush and join one. 

What are some of the perks of Greek life?

• Since sorority houses generally have "house moms" that cook gourmet meals everyday, you will not have to worry about starving. J In some cases, having meals provided for you can save you time and money (if you're like me and eat out all the time because there just isn't enough time to cook).
• A sorority could enhance your social life since you are always mingling with other groups and invited to Greek events. This could be helpful if you are a freshman — it might seem less intimidating to live with a group of girls and develop a solid foundation when you're on your own for the first time.
• Being part of a sorority could provide job connections and networking opportunities in the future, just like Elle Woods found  with Congresswoman Libby Hauser. (Yes, I know this is fictional!)

Some of my friends think living in a sorority is a big expense when you can live in an apartment for much cheaper, but I think sometimes the experience outweighs the expense.

How do you feel about Greek life? Share your thoughts with us!

Caroline

The start of college is just around the corner, and for you freshmen, it will be a time of new beginnings — you'll have a lot of new freedoms and new responsibilities. It can be exhilarating, but a lot to take in all at once.

I got a lot of good advice when I started college, and I thought I'd share some of it with you, to help you get off on the right foot:

1. Go to class. This may seem basic, and you may be planning on it right now, but once you get to college, you'll find that a lot of people do skip class , especially the early morning sessions! Don't give in to the temptation. Even though no one is around to make you answer that alarm clock, get in the habit of always attending class. It will make a big difference in your grades. In my opinion, it's even more important to attend class than to do the required reading. (Obviously you should do both, but I'm just saying!) Plus, you are paying for these classes — get your money's worth!


2. Study between classes. Once you start college, you'll probably be surprised at how much free time you have during the day. You're used to being in school seven hours a day, but in college you may only have three classes on any given day. That leaves lots of hours in between. Resist the temptation to head back to your dorm room and watch soaps between classes. If you don't have an on-campus job to occupy your time between classes, then stick around and head to the library. Review your notes, catch up on reading (you'll have a LOT of reading to do in college), or finish any assignments you might have. If you get in the habit of staying on campus and studying during the day, you'll find that you have a lot more free time in the evenings.


3. Stay on the weekends. It can be tempting, especially in the first few months of college, to pack up and head back home on the weekends. After a long week of the unfamiliar — finding your way around campus, trying to get a handle on your classes — many students prefer to spend weekends in their comfort zone, around old friends and family, in familiar surroundings. Resist the urge, especially at first, even if you find yourself at loose ends on the occasional Friday night. If you stick around on the weekends, you'll find that most other freshman are also looking for friends  and trying to figure out college life. You'll quickly start making more friends and finding things to do. It will be important to your happiness and your ultimate success in college to have a strong network of friends and a fun social life at school, as well as back home.


4. Be careful with your money! College may be the first time you've been in charge of your own money, so now is the time to start some good habits. Figure out the best way to keep track of your checking and savings account balances. Managing your accounts online may be the easiest way. Save your receipts so you can keep track of your spending, and compare it against your online transactions. Start working on a budget from the get-go.


5. Be cautious about credit cards. You'll be inundated with offers at college. Get just one credit card and don't charge any more than you can afford to pay off each month to avoid additional interest charges.

For those of you who have survived your first year of college, do you have any tips to share with the incoming freshmen?